Book & Toy | February 11, 2016

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For the core auditing course for accounting majors.

This package includes MyAccountingLab®

An Integrated, Up-to-Date Approach to Auditing and Assurance Services

Comprehensive and up-to-date, including discussion of new standards, codes, and concepts, Auditing and Assurance Services: An Integrated Approach presents an integrated concepts approach to auditing that details the process from start to finish. Based on the author’s belief that the fundamental concepts of auditing center on the nature and amount of evidence that auditors should gather in specific engagements, this edition’s primary objective is to illustrate auditing concepts using practical examples and real-world settings.

The Sixteenth Edition remains up-to-date with examples of key real-world audit decisions and an emphasis on audit planning, risk assessment processes, and collecting and evaluating evidence in response to risks.

Personalize Learning with MyAccountingLab

MyAccountingLab is an online homework, tutorial, and assessment program designed to work with this text to engage students and improve results. Within its structured environment, students practice what they learn and test their understanding.

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NOTE: Before purchasing, check with your instructor to ensure you select the correct ISBN. Several versions of Pearson's MyLab & Mastering products exist for each title, and registrations are not transferable. To register for and use Pearson's MyLab & Mastering products, you may also need a Course ID, which your instructor will provid...

Al Arens, founding author of this textbook, was the PricewaterhouseCoopers Professor of Accounting Emeritus at Michigan State University. In addition to writing books on auditing, he was a coauthor of computerized accounting supplements and he was actively involved in the continuing education of practitioners with local and regional C...

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Extra Content

Table of Contents

Part 1: The Auditing Profession

Chapter 1: The Demand For Audit And Other Assurance Services

Nature of AuditingDistinction Between Auditing and AccountingEconomic Demand for AuditingAssurance ServicesTypes of AuditsTypes of AuditorsCertified Public Accountant

Chapter 2: The CPA Profession

Certified Public Accounting FirmsActivities of CPA FirmsStructure of CPA FirmsSarbanes-Oxley Act and Public Company Accounting Oversight Board

Securities and Exchange CommissionAmerican Institute of Certified Public Accountants (AICPA)International and U.S. Auditing StandardsGenerally Accepted Auditing StandardsStatements on Auditing StandardsQuality Control

Internal Control ObjectivesManagement and Auditor Responsibilities for Internal ControlCOSO Components of Internal ControlObtain and Document Understanding of Internal ControlAssess Control RiskTests of ControlDecide Planned Detection Risk and Design Substantive TestsSection 404 Reporting on Internal ControlEvaluating, Reporting, and Testing Internal Control for Nonpublic Companies

Chapter 11: Fraud Auditing

Types of FraudConditions of FraudAssessing the Risk of FraudCorporate Governance Oversight to Reduce Fraud RisksResponding to the Risk of FraudSpecific Fraud Risk AreasResponsibilities When Fraud is Suspected

Chapter 12: The Impact of Information Technology on the Audit Process

How Information Technologies Improve Internal ControlAssessing Risks of Information TechnologyInternal Controls Specific to Information TechnologyImpact of Information Technology to the Audit ProcessIssues for Different IT Environments

Chapter 13: Overall Audit Strategy and Audit Program

Types of TestsSelecting Which Types of Tests to PerformImpact of Information Technology on Audit TestingEvidence MixDesign of the Audit ProgramSummary of Key Evidence-Related TermsSummary of the Audit Process

Part 3: Application of the Audit Process to the Sales and Collection Cycle

Chapter 14: Audit of the Sales and Collection Cycle: Test of Controls and Substantive Tests of Transactions

Accounts and Classes of Transactions in the Sales and Collection CycleBusiness Functions in the Cycle and Related Documents and RecordsMethodology for Designing Tests of Controls and Substantive Tests of Transactions for SalesSales Returns and AllowancesMethodology for Designing Tests of Control and Substantive Tests of Transactions for Cash ReceiptsAudit Tests for the Write-off of Uncollectible AccountsAdditional Internal Controls over Account Balances and Presentation and DisclosureEffect of Results of Tests of Controls and Substantive Tests of Transactions

Chapter 15: Audit Sampling for Tests of Controls and Substantive Tests of Transactions

Chapter 16: Completing the Tests in the Sales and Collection Cycle: Accounts Receivable

Methodology for Designing Tests of Details of BalancesDesigning Tests of Details of BalancesConfirmation of Accounts ReceivableDeveloping Tests of Details Audit Program

Chapter 17: Audit Sampling for Tests of Details of Balances

Comparisons of Audit Sampling for Tests of Details Balances and for Tests of Controls and Substantive Tests of TransactionsNonstatisitcal SamplingMonetary Unit SamplingVariables SamplingIllustration Using Difference Estimation

Part 4: Application of the Audit Process to Other Cycles

Chapter 18: Audit of the Acquisition and Payment Cycle: Tests of Controls, Substantive Tests of Transactions, and Accounts Payable

Accounts and Classes of Transactions in the Acquisition and Payment CycleBusiness Functions in the Cycle and Related Documents and RecordsMethodology for Designing Tests of Controls and Substantive Tests of TransactionsMethodology for Designing Tests of Details of Balances for Accounts Payable

Chapter 19: Completing the Tests in the Acquisition and Payment Cycle: Verification of Selected Accounts

Types of Other Accounts in the Acquisitions and Payment CycleAudit of Property, Plant, and EquipmentAudit of Prepaid ExpensesAudit of Accrued LiabilitiesAudit of Income and Expense Accounts

Chapter 20: Audit of the Payroll and Personnel Cycle

Accounts and Transactions in the Payroll and Personnel CycleBusiness Functions in the Cycle and Related Documents and RecordsMethodology for Designing Tests of Controls and Substantive Tests of TransactionsMethodology for Designing Tests of Details and Balances

Chapter 21: Audit of the Inventory and Warehouse Cycle

Business Functions in the Cycle and Related Documents and RecordsParts of the Audit InventoryAudit of Cost AccountingAnalytical ProceduresPhysical Observation of InventoryAudit of Pricing and CompilationIntegration of the Tests

Chapter 22: Audit of the Capital Acquisition and Repayment

Accounts in the CycleNotes PayableOwners’ Equity

Chapter 23: Audit of Cash and Financial Instruments

Types of Cash and Financial Instruments AccountsCash in the Bank and Transaction CyclesAudit of the General Cash AccountFraud-Oriented ProceduresAudit of Financial Instruments Accounts

Part 5: Completing the Audit

Chapter 24: Comleting the Audit

Perform Additional Tests for Presentation and DisclosureReview for Contingent Liabilities and CommitmentsReview for Subsequent EventsFinal Evidence AccumulationEvaluate ResultsIssue the Audit ReportCommunicate with the Audit Committee and ManagementSubsequent Discovery of Facts

Part 6: Other Assurance and Nonassurance Services

Chapter 25: Other Assurance Services

Review and Compilation ServicesReview of Interim Financial Information for Public CompaniesAttestation EngagementsWebTrust and SysTrust ServicesReports on Controls at Service OrganizationsProspective Financial StatementsAgreed-Upon Procedures EngagementsOther Audits or Limited Assurance Engagements